What was the Budget and Accounting Act and how did it change the government’s economic functioning?

What will be an ideal response?

In essence, the Budget and Accounting Act, passed in 1921, divided traditional budgeting into areas of executive and legislative supremacy (executive branch: preparing and execution; legislative: appropriating and auditing). The Act requires the president to submit an annual budget to Congress. Furthermore, within the Treasury Department, a Bureau of the Budget was created to conform to the president’s program. At the same time, the auditing functions of the Treasury Department were transferred to Congress’s brand new General Accounting Office (renamed the Government Accountability Office in 2004).